Global Korean Beauty Industry Market and Statistics

South Korea has gained a distinctive significance due to its rising popularity in various fields of interest. Whether it is about achieving Glass skin or following a step-by-step skincare routine, the generation is head over heels for Korean Beauty products' hype created worldwide. 

What is so special about the Korean beauty industry, and how can the beauty companies benefit from it? Even though the market competition is at its peak, every newly introduced product is getting more popular than the last one. This blog will shed light on the Korean cosmetics market share, industry traits, current demand, and some ways to get Korean beauty products for business.  

Market Share of Korean Beauty Industry Over the Years:

The global K-beauty market size has been growing massively. As per statistics, the market was valued at 12.54 billion US dollars in 2023. Currently, it is recorded that the industry has already generated 13.59 billion US dollars in revenue in 2024.

The market size is projected to grow more with an annual average compound rate of the market, which is 8.42% for the forecast period 2024-2032. 

If we separate the Korean skincare beauty market, we can see that it was valued at 9.06 billion US dollars alone in 2024.

What is the Demand for Korean Beauty Products? 

As we have looked at the current and predicted market size of the Korean beauty industry, the demand for Korean beauty products is very high. Globally, people are adapting skin care regimes using various products from Korean skincare brands to achieve luminous and clear skin. 

According to a survey, 24.1% of youth stated that Korean beauty products were popular among the general public in 2023, compared to the global popularity of South Korean beauty products.

What makes Korea the world leader in the Cosmetic industry?

There are various factors that affect the rising popularity of the Korean beauty industry among others. We have discussed few of these factors in detail below:

• Concept : Focus On Achieving Healthy Skin

The Korean beauty industry works with a focus on achieving clear, hydrating, and shiny skin more than applying makeup. Beauty companies have introduced the step-by-step skincare pattern separately for daytime and nighttime to provide the skin with the required nourishment so that it remains healthy and pompous even without any makeup applied. 

The concept was fresh and new and provided an idea of embracing the natural skin tone and color. However, Korean makeup products have their significance. People love Korean products for the glow they provide that gives more of a natural look. 

• Production : Advanced Formulation

The Korean beauty industry has remained focused on providing naturally infused cosmetics that were uncommon before. Most Korean products, such as serums, creams, lotions, masks, and others, contain niacinamide, hyaluronic acid, rice water, propolis, snail mucin, and many other naturally infused formulations that provide quick results. The formulations of the products are highly advanced and natural while protecting nature and natural beauty. 

The idea was to promote their old and traditional remedies transformed into beauty products to achieve the same results. Korean beauty products have amazing formulations and ingredients that are not commonly found in Western cosmetic products. 

• Sales : Global Availability

K-beauty has made its products available to everyone worldwide. Not only to their local market, but they have been spreading globally by leveraging e-commerce platforms. You can find Korean beauty skincare and makeup products everywhere, from every high-end store to local drugstores. The companies have made it accessible to everyone to increase their market share. 

Another strategic move was to have something for people of all generations. They have not left anyone behind and have created skincare solutions for women of every age. For instance, they have sunscreens for school-going children and anti-aging formulas for aged women. A wide range of products has been introduced to completely cover the market. 

• Promotion : Collaborations and PR

Korea has become famous not only for its beauty products and skin care industry but also because of the rising entertainment and music industry. Business-minded people have leveraged the goodwill and success of emerging K-pop talent, collaborated, and done PR marketing. 

They have been focused on grabbing the youth's attention through effective social media campaigns that involve their stars and celebrities so that they will be influential. They have used their efficient product promotion techniques to get right inside the minds of consumers worldwide, which has been proven very successful.  

• Packaging : Eye Catching and Aesthetically Pleasing

Have you ever wondered why Korean products mostly have aesthetic color packaging? It is because it provides a sense of energy that attracts young people. They have used quite the right and significantly eye-pleasing colors as the packaging of their products to highlight their makeup and skincare so that they remain in the minds of people for a longer time. 

Korean beauty companies have chosen a suitable theme for the Instagram generation, which is more into beige and brown colors. The attractive and creative designs make the products, adding to their global appeal.

• Pricing : Affordability and Quality

If we compare the price factor, we can easily understand the reason for global popularity. Korean skincare and makeup products are comparatively low priced compared to the other beauty products available on the market. However, they have remained the same quality and did not compromise on providing similar benefits. The affordability has made it accessible to people who like to shop on a budget as well as luxury shoppers who can afford high-end branded cosmetics. 

How to Find Korean Beauty Products For Business?

Starting a business of buying and selling Korean cosmetics and beauty products has become easy. Following basic strategies to get your hands on premium products through various channels has made it possible for everyone to step into this rising market. Eliminating particular challenges such as higher competition, market saturation, and others, the following are some of the easiest and most convenient ways of connecting with Korean cosmetic manufacturers and distributors to make a purchase:

1. Tradeshows and Networking

Tradeshows and exhibitions are one of the most traditional ways to increase networking with manufacturers and distributors in the industry. Every year, millions of online and offline trade shows take place where you can meet and interact with these K-beauty product sellers face-to-face and create business relationships. 

It can help in understanding the current trends of the market better and also provide market insights such as competitors analysis as well as consumer analysis in terms of demand, segmentation, etc. You can also find new ideas that can lead to something creative for your K-beauty product-buying and selling business. 

2. B2b Marketplaces

Another way of connecting with wholesale manufacturers for sourcing affordable Korean beauty products is to join b2b marketplaces. It is a new, innovative way that has a touch of digitization to increase productivity and ease business procedures. B2b marketplaces are a new and advanced way of connecting with wholesalers and manufacturers from the Korean beauty industry without the worry of reaching out for physical interaction. 

This way, you can increase your product inventory with the latest beauty products in bulk quantities, learn new trends, and develop business relationships with K-beauty distributors all in one place. 

BeauteTrade.com

BeauteTrade.com is a b2b marketplace where you can find top-rated Korean beauty product distributors worldwide. The platform is one of the biggest wholesale trading platforms when it comes to buying and selling beauty and cosmetics products, as the website is dedicated to a singular niche. 

Here, you can connect with genuine suppliers and manufacturers registered in South Korea, China, Japan, the USA, and numerous other countries to find customers. You can sign into the platform and create your business account without spending any additional cost. The website is designed with an innovative and engaging user interface that can help you detect the correct product category among millions of them. 

Once on the platform, you can find all kinds of serums, creams, lotions, masks, foundations, primers, and many other skincare and makeup products with Korean formulations that give the ultimate glow and help with blemishes, dark spots, acne marks, and other issues of the skin. 

3. Social Media

Last but not least, another way of connecting with Korean skincare and cosmetic manufacturers is to reach out to them through social media. Social media was developed to connect people with one another; however, it has become a hub for business recently. 

Platforms like Facebook, Instagram, and others have introduced business tools where you can connect with manufacturers easily and ask for product availability and pricing. It is very convenient as compared to other methods due to accessibility anywhere. You can also follow certain pages and groups for buyers and sellers to lead every day. 

What are the current trends in the Korean beauty industry?

Following are some of the current trends in the Korean beauty industry in 2024:

- Less is more. The current trend in Korean cosmetics and skincare products is to focus on a minimal approach where applying fewer products can provide maximum benefit. This will help minimize the use of access products on the skin daily.

- More Korean cosmetics companies are focusing on providing vegan and cruelty-free products that do not contain any chemical or harmful ingredients that have or will ever cause damage to the ecosystem and its sustainability.

- Korean beauty product companies are focusing on giving tailored and customized solutions made to solve a particular problem for a specific group of people only. This will create a sense of trust and commitment in the minds of cosmetic consumers.

- The Korean beauty industry is trying to eliminate the steps from beauty routines by submerging two types of products into one. For example, a BB cream can be a foundation and also has a sun protection SPF.

- Companies have been introducing men's beauty products as well to grab the male market. 

Conclusion: 

We have included an in-depth Korean beauty industrial analysis where you can understand the reasons behind the immense popularity among people over the past few years. We can conclude this blog ultimately as investing in Korean beauty products can be one of the most profitable businesses that has a lot of potential and positive scope for growth in the future.